The Central Bank of Nigeria (CBN) has injected the sum of 218.41 million dollars into the retail Secondary Market Intervention Sales (SMIS). The bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja on Friday. Okorafor said 18 million Yuan was also injected in the spot and short-tenored forward […]

THE foreign exchange (forex) market will witness stability in 2020, while the Central Bank of Nigeria (CBN) will continue to sustain its Open Market Operation (OMO) sales at high interest to continue to attract foreign investors.

Bureaux De Change, BDCs, have for years supported Nigeria’s growth agenda and the Central Bank of Nigeria’s commitment to exchange rate stability. To continue to play these roles creditably, the BDC industry needs improved access to foreign exchange (forex). The Association of Bureaux De Change Operators of Nigeria, ABCON, believes the success of BDCs goes beyond favourable rates but access to multiple streams of forex earnings to deepen the market, keep the naira stable and boost BDCs operations. Making BDCs one of  the channels through which over $25 billion annual Diaspora remittances enter the economy will give depth to forex market and boost BDCs operations.

The volume of dollars traded (turnover) in the Investors and Exporters (I&E) window of the  foreign exchange market rose by four per cent, year on year (y/y),  to $62.37 billion last year from $59.75 billion in 2018.

“The 36 state governors intend to demand that “their states’ share and those of the local governments from the Federation account” revenue accruals be distributed in the selfsame currency collected.